One policy covering two people
Joint and survivorship policies cover two lives on a single policy. “First-to-die” pays when the first person passes; “second-to-die” (survivorship) pays only after both pass — a common, cost-effective tool for estate planning and leaving a legacy.
First-to-die pays the benefit when the first insured passes — useful for replacing income or paying off a shared mortgage. Second-to-die (survivorship) pays after both have passed, which is ideal for covering estate taxes or leaving a larger, efficient inheritance, often at a lower combined premium than two separate policies.
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Because it pays after both spouses pass — exactly when estate taxes and settlement costs come due — and it can insure two people (including one in poorer health) more affordably than two individual policies.